Harsh words from the Chinese

It's no big surprise, or at least it shouldn't be for most Americans. The US owes a ton of money to the Chinese. About $1.1 trillion dollars to be exact. When it comes to foreign investors, China has more money invested in the USA than any other country. That's not in the stock market mind you, that is in US treasury bonds.

Today's announcement by the S&P about the US government's downgraded credit rating has caused quite a stir on this side of the planet. The full effect is yet to be seen when the markets open here on Monday. In fact, the Chinese downgraded the US' credit rating nearly a year ago when they saw things heading south.

Today's statement from state run Xinhua News Agency said:

"China, the largest creditor of the world's sole superpower, has every right now to demand the United States to address its structural debt problems and ensure the safety of China's dollar assets,"

"International supervision over the issue of U.S. dollars should be introduced and a new, stable and secured global reserve currency may also be an option to avert a catastrophe caused by any single country." cnn.com

I never thought I would see the day when the almighty US dollar would be a less than desirable currency to have.

Now for a few numbers:

Americans make up only 5% of the global population but consume 25% of the worlds energy

The Chinese make up 19% of the global population and consume about 19% of the world's energy.

On average one American consumes enough resources to support 13 Chinese (or 370 Ethiopians)

It's no wonder they have come forward and given the U.S. a "stern talking to" about it's inability to maintain it's ridiculous level of spending and placing the rest of the world on a slippery slope.



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